Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
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Development, Office, Retail

Revised Plans Envision 14-Storey Strata Office in Coquitlam

Cressey has submitted a development permit amendment application for the site at 2992 Glen Drive, in the Coquitlam City Centre area.

The site was originally approved for a 9-storey office building in 2011, as part of the rezoning for this site and the neighbouring residential sites (M1, M2 & M3). The office tower is the fourth and final phase.

The site is designated City Centre Commercial and zoned C-7 High Density
Commercial. There is a vacant residential sale centre and a surface parking lot on site.

The original plan from 2011 included a 9-storey office tower with 53,000 SF. The new revised proposal is for a 14-storey strata office tower that includes:

  • 78,000 SF of gross commercial space;
  • 64 strata office units;
  • 3 strata retail units;
  • 145 below & above-ground parking spaces;
  • a 6,600 SF outdoor amenity space on the roof and podium deck;
  • a building height of 211 ft.

The architect for the project is RHA Architects.

March 5, 2021by david.taylor@colliers.com
Development, Office

1.7 Acre Mount Pleasant Development Site Sold

PCI Group, in partnership with HOOPP, have completed their acquisition of the Alsco site, a 1.66 acre redevelopment property in the Mount Pleasant area of Vancouver.

The site, located at 5 West 4th Avenue between Ontario and Manitoba Streets is L-shaped and is zoned I-1. The I-1 zoning permits a density of 3.0 FSR, or just over 205,000 SF.

February 28, 2021by david.taylor@colliers.com
Apartment, Development, Office, Retail

14-Storey Mixed Use Building Planned for Cambie & West 41st Corner

PCI Group has submitted a rezoning application for 495 West 41st Avenue at the Northeast corner of Cambie and West 41st Avenue.

PCI acquired the vacant former gas station site from Coromandel properties last year for $40 Million.

The proposal is to allow for the development of a 14-storey mixed-use building with a rooftop amenity space. The proposal includes:

  • 112 market rental units;
  • 60 one-bedrooms, 50 two-bedrooms & 2 three-bedroom units;
  • 12,625 SF of office space;
  • 7,065 SF TD Bank;
  • A total density of 6.59 FSR;
  • A building height of 150 ft.;
  • 64 vehicle parking spaces and 202 bicycle parking spaces

The application is being considered under the Cambie Corridor Plan.

The architect for the project is Perkins & Will.

February 8, 2021by david.taylor@colliers.com
Apartment, Condo, Development, Office, Retail

Metrotown Mixed-Use Project Heads to Public Hearing

Westland Homes’ proposal for a 52,532 SF Metrotown land assembly at 6450-6508 Telford Avenue will head to public hearing next week.

The subject site is within the Maywood neighbourhood of the Metrotown Downtown Plan area and is comprised of four properties: two strata buildings, a rental building and a vacant lot.

The Metrotown Downtown Plan designates the subject site for high-density multiple family residential development under the RM5s Multiple Family Residential District as a guideline.

The site will be subdivided into two legal parcels. The proposal on the northern parcel is for a 51-storey high rise building comprised of 44 levels of market strata residential uses atop a commercial podium with 6 levels of offices and one level of street fronting retail. The southern parcel is proposed to be developed with a 22-storey market and non-market rental apartment building.

Details include:

  • 575 total residential units;
  • 408 condos;
  • 167 rental units;
  • 68,409 SF of office and retail space;
  • a total density of 9.13 FAR;
  • building heights of 575 ft and 222 ft.;
  • 1,170 parking stalls.

The architect for the project is Chris Dikeakos.

January 15, 2021by david.taylor@colliers.com
Development, Office

22-Storey Office Tower Proposed for 550 Cambie

PC Urban in partnership with Quadreal have submitted a rezoning application for a 15,164 SF site at 534-550 Cambie St in the ‘Crosstown’ area of Downtown Vancouver.

The site is located mid block on Cambie Street between Dunsmuir
and Pender Streets in the Crosstown neighbourhood and within the
Central Business District (CBD) Extension area. Despite being located
mid-block, the site is bound on three sides by standard 20’ wide city
lanes.

The proposal is to allow for the development of a 22-storey office building that includes:

  • 258,000 SF of office space;
  • Office floorplates ranging from 9,250 sf to 15,132 SF;
  • 5,800 SF of retail space at grade;
  • A total density of 17.4 FSR;
  • A building height of 302 ft.;
  • Multiple private tenant decks as well as amenity decks;
  • 128 vehicle parking spaces on 5 underground levels.

The application describes the design rationale which is in part influenced by view cones and the proximity to Victory Square Park:

“The massing of the building is informed by the heights of the site view cone parameters and the Victory Square shadow guidelines and makes for a meaningful contribution to the Vancouver skyline. The office tower is broken down into two masses — a high rise portion and a low rise portion which is gradually terraced to respect the shadows over Victory Square. The proposed building adds an integral unique quality to the surrounding streetscape while respecting and paying homage to the heritage and character of nearby Gastown.”

The application is being considered under the Downtown Official Development Plan and Rezoning Policy for the CBD & CBD Shoulder.

The architect for the project is MCMP Architects.

December 9, 2020by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

DT

David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

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